And to drastically increase the national overdraft.
The country’s finances are in a mess. The UK is borrowing the equivalent of over £300 million a day to finance its excess spending and incurring the equivalent of over £100 million a day in interest on the escalating national debt. The government’s stated policy is to reduce the deficit but how does that square with its support for HS2? Cost estimates for the project range from £40 billion to £80 billion and the main justification for this outlay seems to be ” it’s about changing the economic geography of this country…”
If it goes ahead, the outcome of this fantasy is beyond debate. Colossal cost overruns, massive disruption to the countryside and people directly affected by the route and eventually, a rail link requiring huge public money subsidies to remain in service.
“HS2 is about far more than a cost/benefit ratio … the wider benefits of HS2 are complex to quantify…” (Douglas Oakervee, HS2 Ltd)
“It has not been demonstrated that this is the best way to spend £50 billion on rail investment in these constrained times…” (Margaret Hodge MP, Chair, Committee for Public Accounts)
“A more convincing economic case for the project is needed. We need reassurance that it can deliver benefits … greater than those of other transport schemes.” (Andrew Tyrie, Chair, Treasury Select Committee)
There you have it. The country can’t afford HS2. The company behind it finds it too complex to justify. The chair of the public expenditure watchdog is decidedly unconvinced. And, the Treasury Select Committee sees no logic in it.
HS2 should be jettisoned now – tell your MP.